Posted at: 09/16/2009 5:14 PM | WHEC.com
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Eastman Kodak announces plans to raise capital
Photography products maker Eastman Kodak Co. says it expects to raise up to $700 million through a series of financing transactions in a bid to shore up its balance sheet.
The company says Kohlberg Kravis Roberts & Co. has committed to purchase up to $400 million in senior secured notes due 2017. Eastman Kodak also plans to offer $300 million of convertible senior notes due 2017 in a private placement to institutional buyers.
In July, Eastman Kodak posted its third consecutive quarterly loss as the global economic downturn hurt sales of digital cameras, film and other photography products. The company on Wednesday backed its prior full-year financial guidance.
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